TradeUP is an app-first brokerage agency (although they do have an online interface) that can also be competing for asset progress with a brand new ACAT Switch Promotion. TradeUP provides $0 fee on trades like most rivals, and is a registered broker-dealer with SIPC insurance coverage (FINRA Dealer Test). Right here’s the way it breaks down, based mostly on their full phrases and circumstances:
- Base bonus is 2% of ACAT switch measurement, with a restrict of $1,000. It’s essential to keep the property for a 90 days. This works out to a $1,000 bonus on $50,000 transferred. Supply expires 12/31/24, or earlier in the event that they pull it.
- In the event you switch $100,000+ and keep property for a full 12 months, you’ll obtain a further 1% match (separate $1,000 cap). This once more works out to a 2% bonus on $100,000 transferred ($1,000 + $1,000 = $2,000.)*
- This promotion applies solely to an account’s first ACAT switch that qualifies for this promotion. Subsequent ACAT transfers won’t qualify for this promotion. (You may have already got a funded Reside Buying and selling account, simply no transfers but; see beneath.)
- Bonus will likely be distributed in quarterly installment funds. The utmost cashback quantity per quarter is $350. So a $1,000 bonus will take three quarters to pay out.
- So long as you make a full or partial ACATS switch of at the very least $3,000, you may obtain as much as a $300 switch price rebate. It’s essential to e mail them a press release copy of the price charged.
(* 2% + 1% = 3%, however I’m just a little mystified at how this might ever really add as much as a 3% cashback bonus, as marketed of their banner, given the completely different necessities and caps. Maybe certainly one of you intelligent readers will help me out…)
I have already got an present TradeUp account to make the most of their new buyer bonus (my referral hyperlink), which at present begins at 2 free shares with $100 deposit, and strikes as much as 5 attracts with $100,000 deposit. Every inventory draw has a 1 in 500 likelihood of being price $1,800, which is definitely higher than many different brokers’ odds. However principally doubtless, it is going to solely be definitely worth the minimal assured worth of $10 every. Actually, I’d simply put within the $100 money for the two free inventory attracts and hope you get fortunate. I bought my free shares with out subject, however didn’t get fortunate. I’d get the brand new buyer deposit bonus first, after which go for the ACAT switch second.
I confirmed with TradeUp customer support that this ACAT switch bonus is open to present TradeUp prospects so long as that is your first ACAT switch. See screenshots beneath. I additionally confirmed with them the phrases are correct since a few of the touchdown pages don’t clearly present the $1,000 bonus possibility. Their Reside Chat was refreshingly responsive. I’m planning on transferred near $50,000 of present ETFs/BRKB in an effort to get the $1,000 bonus. Make sure to obtain a duplicate of your value foundation at your previous dealer earlier than transferring, simply in case. Observe that TradeUP does have an outgoing ACAT switch price of $50, however hopefully that’ll be coated by the following dealer if I resolve to maneuver out later.
